The clarion. [volume] (Jackson, Miss.) 1883-1888, 1887-11-02

1
he object of the appropriation is not
ated, but it was in fact for buildings. As
lown, the Legislature had not THE RIGHT
, spend the Seminary Fund for buildings;
at ON reading Gov. Browns message for
nat year (given elsewhere) it is so manifest
nat such was the intent of the Legisla-
are, that am content to let 1t go that way;
nd so Mr.. Brougher probably treated it.
Next, came the act of 1S4S, already very |
ully explained, in all its curiousness. By |
his act standing annual revenue of lit |
lie over eleven thousand dollars was estab- |
ished. Beyond question, the State Is en- |
tiled to credit for AL of this money; not |
Senator Georges concession
on mistaken grounds) that as to $s3, 400
If it, she is not. Mr.. Brougher probably
70 dealt with it.
Next, came the act of 1850; also, already
July explained. 1t created the Geological
Survey; and appropriated $4,000 per an
lum ($3, 900 of it, however, contingent on
and-sales) TO the University for that and
other purposes. The total amount paid
lnder this act was $51,274.6S. l show IN
another place the history of this transac-
ton; and that for the ABSOLUTE approprl-
alton the State was not entitled to a full
credit. But being an annual payment,
looking like an interest payment and not
being for buildings, Mr.. Brougher proba-
bly, so treated it.
Next, came the act of 1854, endowing the
law-chair. The appropriation was indetin
lite i'll duration and was $4,000 per annum.
In fact, $4,000 was paid under it; and
clearly it is chargeable against the FUND
On this the Senator and are agreed; and
Mr.. Brougher probably so treated it.
Next, came the act of 1856. This was an
of 100000, payable in tve
installmcnts. 1t was made Ito enable the
Trustees of the State University to provide
suitable buildings to accommodate the IN
creasing number of students in said Instl-
tuition, to supply deficiencies in the Library
and apparatus" etc; and 1t was ITO be PAID
annually OUT OF THE STATE TREASURY.
Not only was not this appropriation to be
paid out of the Seminary Fund, but out of
the State Treasury, by the very terms OF
the act; but also, the Senator virtually ad-
mits that it was donation and not pay
ment. Speaking of the effort of Gov. Nc
Rae and Mr.. Thompson to get this Legis-
lature to recognize the large debt due the
University, and after casting great deal
of ridicule on them, he says: They came
as 'suppIicants,' said Mr.. Thompson, ask
$4,000 year for five years. The Legis'
Iature was magnanimous and bountiful, but
they utterly, but silently-may l not say
scornfully ?-repudiated the pretensions OF
Gov. McRae and Mr.. Thompson, TO MAXI
THE UNIVERSITY CREDITOR" If the En-
glish language be Ineligible, this is a dl-
rect and forceful assertion, that the appro-
priation in question was a BOUNTY THAT If
a premium given for the encouragement OF
the Institution); also that 1t was MAG
NANIMITY THAT is, that it was elevated IL
spirit, and sacrifice made for noble oh
iect) that it was REJECTION of the idea o.
Indebtedness, not payment on account
1t is true that the Senator elsewhere IN hi
letter discIaims this view, and treats the ap
preparation as if it were payment. Iha
is his inconsistency, and it is not for me t.
explain it. 1 shall show elsewhere, thai
the treatment of the appropriation her
contended for is in exact accord with tn
actual intent of the Legislature: And 81
Mr. Brougher probably treated it.
Next, was the act of 1867. 1t appropria
ted the sum of $4,000 annually, until fur
Their direction by Legislation, ''to provid
additional buildings, to make necessary re
pairs and meet other pressing wants of thu
Institution" 1t was to be paid ''out o
ANY moneys in the State Treasury, no
otherwise appropriated" 1t is eviden
from the language of the statute itself tina
| it was a special measure of relief, to NEE
the adaptations of the late war; and wa
| intended as a donation and not as a pay
ment on account. As such Mr.. Broughe
| probably treated it. This statute ran un
| til suspended by the act of 1871.
In 1867 the State chartered Lotter
Company in Vicksburg; and required it t
pay a bonus to the University of $4,000.
was really paid into the State Treasury
and thence paid to the University by a wal
rant.
We are now prepared to take look a
| what was, probably,
THE ACCOUNT:
Begin by charging the State with tn
amount of rents shown in the schedule &C
companying the Memorial of the Trus
| tees S,4O2 O
Simple interest on same, as
stated in schedule, at per ct.
| to January l, '43 ....... 4,201 0
Charge amount of land sales
as shown on schedule. 277,332 .
Simple interest, at per ct.
to January 1, '43 ........ 106,31o 8
Total to Jan. 1, '43, as sched-
ule shows ....$ 396,246 3
But the statute required
per cent. to be computed to its
DATE, July 26, '43; therefore
add interest at per cent. on
| 1885,, 1852, the total princi
| pal, six months and % days. 8,175
Add next, simple interest
| mot compound) under act of
| 1843, from July 26, '43 to Feb.
| 25, '46, years, months on
1896, 1852, (no "ante-fetal
nor post maligpity"
in thisl; rate 8 per cent ..... 104,770
Simple interest at per ct.
from Feb. 25, 1S48 to, say, Feb
5, 1880, 81 years IL months 10
days, on s2S5.735.52 ... 547,659 7
Total to Feb, 5, 1880. =. $1,O56,851 8
Deduct appropriation of '46.. $4,000 0
$1,006,S51 8
Deduct all payments under
act of 1913. ............ 223,214 /
S 7s3,637 2
Deduct all payments under
act of 1850. ...... 1924 6
s 1882 5
Deduct all payments under
act of 1854 ... $4,000 o
5 1882 5
Deduct the lottery bonus of 81. 5000 o.
5 COS, 1863 5
Deduct the interest for the
years 1871 to 1879 inclusive;
nine years, ST., 144.13 per y'r. 154, 297 L
Bal. due, say Feb. 8, sos $4,000 8,
Compare Col. Brougher's bal 544,O61 2;
The discrepancy of five dollars between
the two amounts is probably due to dis
crepancies in additions or other compute
tons.
But, it may be asked, why select the 5tl
of February as the date to which the com
putation is made? Because it was on thu
29th of January, 1880, that the Joint Com
mittee of the Legislature was required tc
take an account of the Fund, and employ
an accountant to that end-(S. j., D. 1851
and the account was certainly made before
the 21st of February, since the Commi ttet
to whom the bill was referred, reported re
commencing its passage. The result ar
rived at, indicates the 9Th as the day OF
which the account was closed, and to which
the interest was computed.
But ii may be objected, why deduct the
interest for the years 1871 to 1879 inclu
sives The answer is, because of the inter.
vention of sections 206S and 2916 of the
Code of 1871, and of the various acts OF
the Legislature subsequent thereto and he
cause of their peculiar phraseology. Sec
ton 2068 was section of the act, approved
May 8, 1871, for the reorganization of the
University. 1t introduced new policy, on
the part of the Legislature, in its dealings
with the University income and appropria-
tons; and policy that was persevered in